Flynas gets CMA nod to sell 30% stake to public

One of Flynas' aircraft

Flynas, the leading low-cost airline in Saudi Arabia and the Middle East, received today, March 26, the go-ahead from the Capital Market Authority (CMA) to sell 51.3 million shares, or 30% of its 170.85 million share capital, in an initial public offering (IPO).

The prospectus will be published ahead of the planned share sale, the market regulator said in a statement today, June 3.

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The approval is valid for six months from the CMA’s board resolution date. It will be deemed cancelled if the offering and listing of the company's shares are not completed within this period, it added.

Flynas is a Saudi airline, 37.1% owned by Kingdom Holding Co. (KHC), operating domestic and international flights.

In mid-2024, the airline signed an agreement with Airbus to purchase 160 new aircraft for nearly SAR 110 billion, increasing its total aircraft orders to 280 aircraft over seven years.

The new aircraft will be delivered between 2027 and 2034, enabling Flynas to expand its destinations from 70 to 165 domestic and international routes.